Friday 24 May 2024
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KUALA LUMPUR (Oct 25): UMW Holdings Bhd president and group chief executive officer Datuk Seri Ahmad Fuaad Mohd Kenali will be stepping down from his positions next Tuesday (Oct 31) upon tenure expiry.

The group, which is in the midst of being merged with Sime Darby Bhd, told Bursa Malaysia that Ahmad Fuaad will also cease to be an executive director of UMW.

Ahmad Fuaad was appointed to helm UMW in November 2020, following the demise of his predecessor, the late Badrul Feisal Abdul Rahim, in June that year.

Prior to joining UMW, Ahmad Fuaad was the CEO of Malakoff Corp Bhd from Oct 1, 2017 to Oct 31, 2020.

The takeover exercise by Sime Darby is still ongoing and expected to be completed by year end, followed by a mandatory general offer, which is expected to be completed in the first quarter of next year.

Permodalan Nasional Bhd (PNB), which had assets under management of RM341.6 billion as at end-2022, is a major shareholder of both Sime Darby and UMW, which makes the takeover exercise a related party transaction.

Under the takeover deal, Sime Darby is paying RM3.57 billion or RM5 per share cash to PNB to buy a 61.2% stake in UMW. It will then launch a mandatory general offer to sweep up the remaining 38.8% stake before delisting the company from the stock exchange.

One of the country's largest fund management companies, PNB held a 37.7% stake in Sime Darby as at Sept 8, according to the latter's annual report.

Shares in UMW closed one sen or 0.2% higher at RM4.83, valuing the group at RM5.64 billion.

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